Paul Krugman’s ‘liquidity trap’ and other misadventures with Keynes | Zendy

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Paul Krugman’s ‘liquidity trap’ and other misadventures with Keynes

Author(s) -

Lance Taylor

Publication year - 2014

Publication title -

review of keynesian economics

Language(s) - English

Resource type - Journals

SCImago Journal Rank - 1.166

H-Index - 14

eISSN - 2049-5331

pISSN - 2049-5323

DOI - 10.4337/roke.2014.04.06

Subject(s) - keynesian economics , post keynesian economics , economics , liquidity trap , neoclassical economics , market liquidity , macroeconomics , monetary economics , liquidity crisis

In recent blog posts, Paul Krugman proposes a heuristic model to analyse the advanced country macroeconomic situation circa 2014. An earlier version focusing on Japan is much more formalized with the usual New Keynesian paraphernalia. Despite Krugmanâ€™s claims to the contrary, the analysis is not really Keynesian, at least in comparison to the General Theory or GT. It does hark back to the world of the turn-of-the-twentieth-century Swedish economist Knut Wicksell and contemporaries and followers such as Irving Fisher, James Tobin, and Robert Mundell.

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